The price of gold could not reach the level of 1180 and started to correct upwards. Within the correction, prices reached a strong level of 1210, but were unable to break through it. To continue the upward movement the price needs to break through the inclined resistance line and to gain a foothold above 1220. We expect price decline in the near future, but keep a positive outlook for the medium-term and recommend to accumulate long positions in gold.
Nearest resistance levels: 1210, 1230, 1240, 1244, 1252, 1265, 1278, 1290, 1300
Nearest support levels: 1200, 1180
The price of Light sweet crude oil stabilized within the corridor 89,00-90,00 and soon will likely continue to move within this range. Growth is limited by the upper limit of the downward channel and a local maximum at about 94.00. We recommend holding short positions with the targets of 86,00 and 85,00. Our medium-term view remains negative.
Nearest resistance levels: 90.00, 92.00, 94.20, 95.00, 95.50, 96.00, 98.00, 100.00
Nearest support levels: 89.00, 87.50